Alfred Pritchard Sloan Jr American businessman Date of Birth: 23.05.1875 Country: USA

1. Biography of Alfred Pritchard Sloan Jr.
2. Early Life and Education
3. Business Career
4. Contributions to General Motors
5. Sloan Foundation and Philanthropy
6. Later Life and Legacy
7. Alfred P. Sloan Museum

Biography of Alfred Pritchard Sloan Jr.

Alfred Pritchard Sloan Jr. was an American businessman who served as the president and chairman of the board of the General Motors Corporation. He was one of the most effective top-level managers in the United States during the first half of the 20th century.

Early Life and Education

Alfred Sloan was born on May 23, 1875, in New Haven, Connecticut. He was the eldest of four sons of a prosperous tea, coffee, and tobacco merchant. When he was 10 years old, his family moved to Brooklyn, New York City. He studied electrical engineering and graduated from the Massachusetts Institute of Technology (MIT) in 1895. During his time at MIT, he became a member of the Delta Upsilon fraternity.

Business Career

In 1899, Sloan became the president and owner of Hyatt Roller Bearing, a company that manufactured roller bearings and ball bearings. Many automobile manufacturers, both large and small, used Hyatt bearings during the next fifteen years. In 1916, Hyatt merged with other companies to form the United Motors Company, which eventually became a part of General Motors Corporation. Sloan became the vice president of the new company and in 1923, he became its president. In 1937, he assumed the position of chairman of the board.

Contributions to General Motors

Under Sloan's leadership, General Motors transformed from a collection of disparate businesses into a company consisting of five well-organized divisions. Sloan was credited with implementing the policy of annual model changes, which gave rise to the concept of planned obsolescence. He also developed a pricing structure, from low to high, in which Chevrolet, Pontiac, Oldsmobile, Buick, and Cadillac did not compete with each other, ensuring that customers remained within the GM family as their purchasing power and preferences changed with age. These principles, coupled with Ford's resistance to change in the 1920s, made GM the leader of the American automotive industry in the early 1930s, a position it held for more than 70 years.

Sloan Foundation and Philanthropy

In 1934, Sloan established the non-profit Alfred P. Sloan Foundation. The General Motors under Sloan's leadership became the largest industrial enterprise the world had ever seen. In 1931, with Sloan's support, the first executive education program in the world was created at MIT, known as the Sloan Fellows program. The Sloan Foundation also provided funding for the establishment of the Sloan-Kettering Cancer Center in New York and various educational programs, including the Sloan Fellows Program at Stanford Graduate School of Business and the London Business School.

Later Life and Legacy

Sloan retired as chairman of General Motors on April 2, 1956. Despite his advanced age, he remained active in philanthropy and wrote his memoir, "My Years with General Motors," which was published in 1964. Alfred P. Sloan passed away on February 17, 1966, at the age of 90, following a heart attack. His contributions to the automotive industry and his philanthropic efforts continue to leave a lasting impact.

Alfred P. Sloan Museum

In Flint, Michigan, the Sloan Museum showcases the evolution of the automotive industry.